1. Summary Information

		Country	INDIA
Company Name	ALLCARGO LOGISTICS LIMITED	Principal Name 1	MR. SHASHI KIRAN SHETTY
Status	GOOD	Principal Name 2	MR. AKHILESH GUPTA
		Registration #	11-073508
Street Address	6^TH FLOOR, AVASHYA HOUSE, CST ROAD, KALINA SANTACRUZ (EAST), MUMBAI – 400 098, MAHARASHTRA
Established Date	18.08.1993	SIC Code	--
Telephone#	91-22-26675830	Business Style 1	SERVICE PROVIDER
Fax #	91-22-66798195	Business Style 2	--
Homepage	www.allcargoglobal.com	Product Name 1	--
# of employees	1318 (APPROXIMATELY)	Product Name 2	--
Paid up capital	Rs.261,095,000/-	Product Name 3	--
Shareholders	PROMOTER AND PROMOTER GROUP – 72.09% PUBLIC SHAREHOLDING – 27.91%	Banking	AXIS BANK LIMITED
Public Limited Corp.	YES	Business Period	20 YEARS
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	A (68)
Related Company
Relation	Country	Company Name	CEO
SUBSIDIARIES	--	HINDUSTAN CARGO LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	5,459,060,000	Current Liabilities	1,613,865,000
Inventories	110,359,000	Long-term Liabilities	5,587,579,000
Fixed Assets	9,812,086,000	Other Liabilities	1,059,611,000
Deferred Assets	0,000	Total Liabilities	8,261,055,000
Invest& other Assets	4,280,888,000	Retained Earnings	11,131,559,000
		Net Worth	11,401,338,000
Total Assets	19,662,393,000	Total Liab. & Equity	19,662,393,000
Total Assets (Previous Year – 31.12.2010)	14,494,133,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Service Income	10,794,273,000	Net Profit	1,840,703,000
Service Income (Previous Year – 31.12.2010)	7,018,038,000	Net Profit(Prev.yr)	1,211,259,000

MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	ALLCARGO LOGISTICS LIMITED (w.e.f. 29.07.2011)
Formerly Known As :	ALLCARGO GLOBAL LOGISTICS LIMITED
Registered Office :	6^th Floor, Avashya House, Cst Road, Kalina Santacruz (East), Mumbai – 400 098, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.08.1993
Com. Reg. No.:	11-073508
Capital Investment / Paid-up Capital :	Rs.261.095 millions
CIN No.: [Company Identification No.]	L63010MH2004PLC073508
Legal Form :	Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing integrated logistics solutions and offers specialized logistics services across Multimodal Transport Operations, Inland Container Depot and Container Freight Station Operations and Project and Engineering Solutions.
No. of Employees :	1318 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 45610000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the Allcargo Group. It is a well established and reputed company having a fine track record. Financial position of the company appears to be sound. directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	October 04, 2012

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	October 04, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	6^th Floor, Avashya House, Cst Road, Kalina Santacruz (East), Mumbai – 400 098, Maharashtra, India
Tel. No.:	91-22-26675830
Fax No.:	91-22-66798195
E-Mail :	shailesh.dholakia@allcargoglobal.com umbai.info@allcargoglobal.com
Website :	http://www.allcargoglobal.com
Head Office/ Corporate Office :	5^th Floor Diamond Square Cst Road, Kalina Santacruz (East), Mumbai – 400 098, Maharashtra, India
Tel. No.:	91-22-66798100
Fax No.:	91-22-66798195
Branch Office :	Located at: v Mumbai v Uran v Ahmedabad v Bangalore v Chennai v Cochin v Kolkata v Gurgaon v New Delhi v Tuticorin v Pune v Vadodara v Kanpur v Navi Mumbai v Ludhiana v Jaipur v Nagpur v Hyderabad v Panvel v Goa v Jodhpur
Container Freight Stations :	Located at: v Raigad v Chennai v Kutch v Gautam Budh Nagar v Pithampur

DIRECTORS

As on 31.03.2012

Name :	Mr. Shashi Kiran Shetty
Designation :	Chairman and Managing Director
Name :	Mr. Akhilesh Gupta
Designation :	Non Executive Director
Name :	Mr. M.P. Bansal
Designation :	Non Executive Independent Director
Name :	Mr. Keki Elavia
Designation :	Non Executive Independent Director
Name :	Mr. Kaiwan Kalyaniwalla
Designation :	Non Executive Independent Director
Name :	Mr. Satish Gupta
Designation :	Non Executive Independent Director
Name :	Mr. Hari Mundra
Designation :	Non Executive Independent Director
Name :	Mr. Umesh Shetty
Designation :	Whole Time Director
Name :	Mr. Adarsh Hegde
Designation :	Promoter Executive Director

KEY EXECUTIVES

Name :	Mr. Shailesh Dholakia
Designation :	Company Secretary
	SENIOR MANAGEMENT TEAM
Corporate Think Tank :
Name :	Mr. Shashi Kiran Shetty
Designation :	Chairman and Managing Director
Name :	Mrs. Arathi Shetty
Designation :	Executive Director (upto 31.03.2012)
Name :	Mr. Adarsh Hegde
Designation :	Executive Director
Name :	Mr. Umesh Shetty
Designation :	Executive Director
Name :	Mr. P.P. Shetty
Designation :	HR Advisor
Group Functional Leaders :
Name :	Mr. S. Suryanarayanan
Designation :	Director - Finance (Group)
Name :	Mr. C. Michael Fernandes
Designation :	Director - Human Resources (Group)
Name :	Mr. Jatin Chokshi
Designation :	Group Chief Investment Officer
Name :	Mr. Hrushikesh Joshi
Designation :	Group Chief Information Officer
Name :	Mr. Mukundan K.V.
Designation :	Chief Assurance and Risk Executive
Business Leaders :
Name :	Mr. Kris De Witte
Designation :	Managing Director - Ecuhold NV
Name :	Mr. Marc Stoffelen
Designation :	Chief Executive Officer - ECU Line NV
Name :	Mr. Deepal Shah
Designation :	Chief Executive Officer - Hindustan Cargo Limited
Name :	Mr. Armin Kalyaniwalla
Designation :	Chief Executive Officer - Project Division
Name :	Mr. Simon Bajada
Designation :	RCEO - North and West Europe, Mediterranean
Name :	Mr. Tim Tudor
Designation :	RCEO - Latin America
Name :	Mr. Mike Dye
Designation :	RCEO - Far East
Name :	Ms. Shantha Martin
Designation :	RCEO - ISC and Middle East
Name :	Capt. Ashok Kumar Shrivastava
Designation :	Chief Executive Officer - Shipping Division
Name :	Mr. Ajay Rao
Designation :	President - Strategy and BD (Warehousing and 3PL Division)
Name :	Mr. Pramod Kokate
Designation :	Senior Vice President - CFS/ICD (Sales and Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	87320900	69.08
Any Others (Specify)	3813125	3.02
Trusts	3813125	3.02
Sub Total	91134025	72.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	91134025	72.09
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	196289	0.16
Foreign Institutional Investors	13673891	10.82
Sub Total	13870180	10.97
(2) Non-Institutions
Bodies Corporate	1704321	1.35
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1851653	1.46
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	852205	0.67
Any Others (Specify)	16999429	13.45
Clearing Members	21356	0.02
Non Resident Indians	102435	0.08
Foreign Corporate Bodies	16735400	13.24
Directors & their Relatives & Friends	67528	0.05
Trusts	72710	0.06
Sub Total	21407608	16.93
Total Public shareholding (B)	35277788	27.91
Total (A)+(B)	126411813	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	126411813	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing integrated logistics solutions and offers specialized logistics services across Multimodal Transport Operations, Inland Container Depot and Container Freight Station Operations and Project and Engineering Solutions.
Services:	Shipping

GENERAL INFORMATION

No. of Employees :

1318 (Approximately)

Bankers :

v Axis Bank Limited, Fort, Mumbai, Maharashtra, India

v HDFC Bank Limited, Fort, Mumbai, Maharashtra, India

v Yes Bank Limited, Lower Parel, Mumbai, Maharashtra, India

v Citibank NA

v DBS Bank Limited

v Hongkong and Shanghai Banking Corporation Limited

v ING Vysya Bank Limited

v Standard Chartered Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
From Banks:
Buyers' Credit	4376.314	1658.691
Term Loan	168.692	797.558
Vehicle Finance Loans	375.772	1.656
Bank Overdraft	38.220	0.000
From Financial Institutions:
Vehicle Finance Loans	0.149	14.616
Total	4959.147	2472.521

a) Buyer’s Credit is secured against equipments financed by the Bank.

b) Term Loans are secured against certain existing equipments, financed by the Bank and mortgage of immovable property situated at Hyderabad.

c) Vehicle Finance Loans are secured against vehicle financed by the Bank.

d) Bank Overdraft is secured against immovable properties situated in Mumbai pari-pasu charge on present and future movable assets, inventories and book debts.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
From Banks - (Repayable within one year Rs.628.432 millions)	628.432	0.000
Total	628.432	0.000

Banking Relations :	--
Statutory Auditors :
Name 1 :	Appan and Lokhandwala Associates Chartered Accountants
Address :	402, Shiv-Ahish, plot No.10, 19^th Road, Chembur, Mumbai – 400 071, Maharashtra, India
Name 2 :	B.S.R. and Company Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Internal Auditor :
Name:	Mr. Mukundan K.V.
Solicitors and Legal Advisors:
Name:	Maneksha and Sethna Solicitors, Advocates and Notary
Address:	8, Ambalal Doshi Marg, Hamam Street, Fort, Mumbai – 400 023, Maharashtra, India
Subsidiaries :	v Hindustan Cargo Limited v HC Logistics Limited v Credo Shipping Agencies (India) Private Limited v Contech Transport Services Private Limited v Comptech Solutions Private Limited v Amfin Consulting Private Limited v Ecu Line (India) Private Limited v Allcargo Shipping Company Private Limited (Formerly known as AGL Ports Private Limited) v South Asia Terminals Private Limited v Southern Terminal and Trading Private Limited (Formerly known as AGL Terminals Private Limited) v AGL Warehousing Private Limited v Allcargo Logistics Park Private Limited v Ecu International (Asia) Private Limited v Transindia Logistic Park Private Limited (Formerly known as Universal Container Freight Station Private Limited) v MHTC Logistics Private Limited v Combiline Indain Agencies Private Limited v Ecu-Line Algerie sarl v Ecu Logistics SA v Ecu-Line N.V. v Ecu-Logistics N.V. v Ecubro N.V. v Ecu-Tech BVBA v Ecuhold N.V. v Ecu International N.V. v Ecu Global Services N.V. v HCL Logistics N.V. AGL N.V. v Allcargo Belgium N.V. v Ecu Logistics do Brasil Ltda v Flamingo Line do Brasil Ltda v Ecu-Line Bulgaria EOOD v Ecu-Line Chile S.A. v Flamingo Line Chile S.A. v Ecu-Line Guangzhou Limited v CCSS Limited v CCS Limited v Ecu-Line de Colombia S.A.S. v Conecli International S.A. v Ecu-Line (CZ) s.r.o. v Ecu-Line del Ecuador S.A. v Flamingo Line del Ecuador SA v Ecu Line Egypt Limited v Ecu-Line Canada Inc. v Flamingo Line El Salvador SA de CV v Ecu-Line Germany GmbH v ELWA Ghana Limited v Flamingo Line de Guatemala S.A. v Ecu-Line Hong Kong Limited v Ecu International Far East Limited v CCS Limited v PT EKA Consol Utama Line v Ecu-Line Italia srl. v Eurocentre Milan srl. v Ecu-Line Côte d’Ivoire Sarl v Jordan Gulf for Freight Services v Ecu-Line Malta Limited v CELM Logistics SA de CV v Ecu Logistics de Mexico SA de CV v Ecu-Line Maroc S.A. v Ecu-Line Rotterdam BV v Rotterdam Freight Station BV v Ecu-Line de Panama SA v Ecu-Line Paraguay SA v Ecu-Line Philippines Inc. v Ecu-Line Polska SP. Z.o.o. v Ecu-Line Doha W.L.L. v Ecu-Line Romania SRL v Ecu-Line Singapore Pte. Limited v Ecu-Line South Africa (Pty.) Limited v Ecu-Line Spain S.L. v Mediterranean Cargo Center S.L. (MCC) v Ecu Line Lanka (Private) Limited v Société Ecu-Line Tunisie Sarl v Ecu Uluslarasi Tas. Ve Ticaret Limited Sti. v CCC Limited v Star Express Company Limited v Ecu-Line UK Limited v DEOLIX S.A. v DLC v Guldary S.A. v ELV Multimodal C.A. v Administradora House Line C.A. v Consolidadora Ecu-Line C.A. v aEcu-Line (Indian Ocean Islands) Limited v Asia Line Limited v Ecu Heavylift WLL v Contech Transport Services (Private) Limited v Ecu Shipping Logistics (K) Limited v Ecu-Line Middle East LLC v Ecu-Line (Johor Bahru) Snd. Bhd. v Eurocentre FZCO v Ecu-Line Kenya Limited v Ecu-Line Abu Dhabi LLC v SSCC Limited v Flamingo Line del Peru SA v Ecu-Line Peru SA v Ecu-Line Saudi Arabia LLC v Ecu-Line Zimbabwe (Private) Limited v Ecu-Line Japan Limited v S.H.E. Maritime Services Limited v Translogistik Internationale Spedition GmbH v Ecu-Line Australia Pty Limited v Ecu-Line New Zealand Limited v Ecu-Line (Thailand) Co. Limited v Ecu-Line Mediterranean Limited v Ecu-Line China Limited v Ecu-Line Hungary Kft v Ecu-Line Switzerland GmbH v Ecu Line Vietnam Joint Venture Company Limited v Ocean House Limited v Transnepal Freight Services Private Limited
Associates:	Transworld Logistics and Shipping Services Inc.
Joint Ventures :	v Sealand Warehousing Private Limited Gujarat v Integrated Maritime Complex Private Limited
Entities over which key managerial personnel or their relatives exercises significant influence :	v Allcargo Movers (Bombay) Private Limited v Allcargo Shipping Services Private Limited v Allnet Infotech Private Limited v Alltrans Logistics Private Limited v Alltrans Port Management Private Limited v Avadh Marketing Private Limited (Converted into Avadh Marketing LLP w.e.f. December 30, 2011) v Avash Builders and Infrastructure Private Limited v Avash Builders Private Limited (Amalgamated with SKS Netgate Private Limited w.e.f. April 1, 2010) v Avash Logistic Park Private Limited v Avashya Corproation Private Limited v Avashya Enterprises Private Limited v Avashya Holdings Private Limited v Conserve Infratech Private Limited (Formerly known as Naturecare Properties Private Limited) - Resigned w.e.f. January 30, 2011) v Contech Estate Private Limited (Converted into Contech Estate LLP w.e.f. December 5, 2011) v Energy Health Spas Private Limited (Amalgamated with SKS Netgate Private Limited w.e.f. April 1, 2010) v India Tourist and Heritage Village Private Limited v Indport Maritime Egencies Private Limited v Jupiter Precious Gems and Jewellery Private Limited (Formerly known as Jupiter Machines Private Limited) v N.R. Holdings Private Limited v Panna Estates Private Limited (Converted into Panna Estates LLP w.e.f. December 1, 2011) v Poorn Estates Private Limited v Prominent Estate Holdings Private Limited v Sealand Crane Private Limited v Sealand Ports Private Limited v SKS Netgate Private Limited (Converted into SKS Netgate LLP w.e.f. August 1, 2011) v SKS Realty Private Limited (Converted into SKS Realty LLP w.e.f. December 1, 2011) v SKS Ventures Private Limited v Talentos (India) Private Limited Talentos Entertainment Private Limited v Transindia Freight Private Limited v Transindia Freight Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.2/- each	Rs.350.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130547322	Equity Shares	Rs.2/- each	Rs.261.095 millions

Out of the above Equity Shares, 3604 Equity Shares of Rs.2/- each, fully paid up, are allotted as bonus shares by capitalisation of securities premium account.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		261.095	261.034	249.623
2] Share Application Money Pending Allotment		0.000	0.019	0.000
3] Reserves & Surplus		11131.559	9516.836	7651.806
4] Employees’ Stock Option Outstanding		8.684	12.299	16.474
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11401.338	9790.188	7917.903
LOAN FUNDS
1] Secured Loans		4959.147	2472.521	1092.968
2] Unsecured Loans		628.432	0.000	0.000
TOTAL BORROWING		5587.579	2472.521	1092.968
DEFERRED TAX LIABILITIES		848.303	484.262	265.503
TOTAL		17837.220	12746.971	9276.374
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9812.086	6420.775	4102.514
Capital work-in-progress ((including Capital Advances)		474.439	474.557	617.527
INVESTMENT		3806.449	1790.714	2003.429
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.359	63.291	27.148
	Sundry Debtors	1293.330	939.859	728.594
	Unbilled Revenue / Interest Accrued on Investment	415.609	83.462	1.358
	Cash & Bank Balances	65.121	135.111	203.472
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3685.000	4586.364	2461.317
Total Current Assets		5569.419	5808.087	3421.889
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1319.216	1132.170	159.201
	Other Current Liabilities	294.649	121.312	624.746
	Provisions	211.308	493.680	85.038
Total Current Liabilities		1825.173	1747.162	868.985
Net Current Assets		3744.246	4060.925	2552.904
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17837.220	12746.971	9276.374

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009
	SALES
		Service Income	10794.273	7018.038	5167.562
		Other Income	510.645	285.871	153.425
		TOTAL (A)	11304.918	7303.909	5320.987
Less	EXPENSES
		Multimodal Transport Operation Expenses	2484.859	1863.420	1377.917
		Container Freight Station Expenses	1233.031	762.759	464.405
		Project and Engineering Solutions Expenses	2223.191	1760.184	1186.793
		Other Operational Costs	35.174	6.778	--
		Employee Costs	806.723	485.832	357.829
		Administrative and Selling Expenses	921.127	440.608	344.754
		Preliminary Expenses Written Off	--	--	0.843
		TOTAL (B)	7704.105	5319.581	3732.541
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3600.813	1984.328	1588.446
Less	INTEREST (D)		505.457	133.217	149.636
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3095.356	1851.111	1438.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		890.448	402.440	376.338
	PROFIT BEFORE TAX (E-F) (G)		2204.908	1448.671	1062.472
Less	TAX (H)		364.205	237.412	84.418
	PROFIT AFTER TAX (G-H) (I)		1840.703	1211.259	978.054
	TAX ADJUSTMENT FOR EARLIER YEARS		--	--	1.746
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3193.759	2442.364	1708.620
	PROFIT FROM DEMERGED ENTITY		--	123.807	--
Less	APPROPRIATIONS
		Dividend Paid	130.547	68.090	62.416
		Tax on Dividend	21.178	11.320	10.608
		Proposed Dividend	65.274	326.323	62.423
		Tax on Proposed Dividend	10.589	52.938	10.609
		General Reserve	185.000	125.000	100.000
	BALANCE CARRIED TO THE B/S		4621.874	3193.759	2442.364
	EARNINGS IN FOREIGN CURRENCY
		Multi - Modal Transport Operations	269.224	175.473	259.780
		Project and Engineering Solutions	79.624	83.415	60.265
		Business Support Services	37.674	22.497	16.778
		Management Fees	12.227	9.035	10.267
	TOTAL EARNINGS		398.749	290.420	347.090
	IMPORTS
		Capital Goods	2666.507	2539.252	NA
		Stores & Spares	35.601	4.521	NA
	TOTAL IMPORTS		2702.108	2543.773	NA
	Earnings Per Share (Rs.)		14.10	9.40	8.53

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)
Net Sales	2802.600	2633.130
Total Expenditure	2101.730	2160.770
PBIDT (Excl OI)	700.870	472.360
Other Income	58.990	359.420
Operating Profit	759.860	831.780
Interest	142.090	0.000
Exceptional Items	0.000	0.000
PBDT	617.770	831.780
Depreciation	211.450	361.010
Profit Before Tax	406.320	470.760
Tax	56.700	146.490
Provisions and contingencies	0.000	0.000
Profit After Tax	349.620	324.270
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	349.620	324.270

KEY RATIOS

PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009
PAT / Total Income	(%)	16.28	16.58	18.38
Net Profit Margin (PBT/Sales)	(%)	20.43	20.64	20.56
Return on Total Assets (PBT/Total Assets}	(%)	14.33	11.85	14.12
Return on Investment (ROI) (PBT/Networth)		0.19	0.15	0.13
Debt Equity Ratio (Total Liability/Networth)		0.65	0.43	0.25
Current Ratio (Current Asset/Current Liability)		3.05	3.32	3.94

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	No
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No
31) Date of Birth of Proprietor/Partner/Director, if available	No
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

BACKGROUND

The Company was incorporated on August 18, 1993 as a private company under the name of All Cargo Movers (India) Private Limited under the Companies Act, 1956. Subsequently the name of the Company was changed to Allcargo Movers (India) Private Limited on June 25, 2004. Thereafter, on December 8, 2005, the name of the Company changed to Allcargo Global Logistics Private Limited and on January 17, 2006, the Company was converted into a public limited company. The Company is a leading multinational company engaged in providing integrated logistics solutions and offers specialized logistics services across Multimodal Transport Operations, Inland Container Depot and Container Freight Station Operations and Project and Engineering Solutions. The Company is listed on BSE Limited and National Stock Exchange of India Limited.

On May 2, 2008, pursuant to a Scheme of Arrangement as approved by the Hon’ble Bombay High Court, the project and equipment division of Transindia Freight Services Private Limited (‘TFSPL’), were transferred to the Company.

On September 30, 2010, pursuant to a Scheme of Arrangement as approved by the Hon’ble Bombay High Court, the assets, liabilities and reserves of Sealand Terminals Private Limited, wholly owned subsidiary of the Company, were transferred to the Company.

During the period ended March 31, 2012, the name of the Company was changed from Allcargo Global Logistics Limited to Allcargo Logistics Limited. The fresh certificate of incorporation with the current name was issued on July 29, 2011 by the Registrar of Companies, Maharashtra, Mumbai.

REVIEW OF OPERATIONS

The period was challenging and opportunistic for the Company as macroeconomic environment continued to remain unstable and volatile. In-spite of all odds, the company recorded significant growth and robust performance at all levels. The growth oriented performance is grossly attributable to Company's customer-centric approach and its ability to innovate customer specific solutions, focus on pricing and aggressive marketing strategy, disciplined project executions, focused management approach, prudent financial and human resources management and ensuring better control over cost.

Stand-alone Performance:

The Company has earned total revenue of Rs.11304.900 millions and earned a net profit of Rs.1840.700 millions as compared to revenue of Rs.7303.900 millions and net profit of Rs.1211.300 millions in preceding financial year, representing 24% and 22% growth in revenue and net profit respectively on annualized basis.

Earnings before interest, tax and depreciation (EBITDA) is Rs.3600.800 millions as compared to Rs.1984.300 millions in preceding financial year, representing 45% growth on annualized basis.

SUBSIDIARY COMPANIES

During the period, the Company and its subsidiaries have made investments / divested investments / discontinued business operations in the following companies:

- Acquired 100% equity stake in MHTC Logistics Private Limited., a company engaged in the business of Project Logistics and Freight Forwarding;

- Acquired 70% equity stake in Universal Container Freight Station Private Limited (name changed to Transindia Logistic Park Private Limited), a company engaged in the business of Container Freight Station / Inland Container Depot Business;

- Acquired 100% equity stake in Amfin Consulting Private Limited, a company engaged in the business of Trading and Investment, through Contech Transport Services Private Limited, the wholly owned subsidiary of the Company;

- Formed Contech Transport Services (Private) Limited, as 100% subsidiary of Contech Transport Services Private Limited, in Sri Lanka;

- Formed HC Logistics Limited as 100% subsidiary of Hindustan Cargo Limited, the wholly owned subsidiary of the Company;

- Acquired through Hindustan Cargo Limited, the wholly owned subsidiary of the Company, 100% equity stake in Credo Shipping Agencies (I) Private Limited, a company engaged in the Shipping Line business;

- Ecu International NV, subsidiary of Echoed NV, acquired 33.33% stake in Flamingo Line El Salvador SA de CV With acquisition of balance stake, Flamingo Line El Salvador SA de CV has become wholly owned subsidiary of the Company;

- Ecu International NV, subsidiary of Ecuhold NV, acquired 33.33% stake in Flamingo Line de Guatemala S.A. With acquisition of balance stake, Flamingo Line de Guatemala S.A. has become wholly owned subsidiary of the Company;

- Formed a joint venture company Ecu Line Saudi Arabia LLC in which Ecuhold NV, holds 70% stake;

- Ecuhold NV increased its stake from 51% to 63% in SHE Maritime Services Limited;

- ECU-TRANS N.V, D and E Transport NV, ECU Heavy Lift, W.L.L., ECU Line Italy TRC srl, AMI Ventures Limited, ECU Line de Guatemala S.A. step down subsidiaries, have ceased their operations and accordingly they are liquidated / dissolved.

CHANGE OF NAME OF THE COMPANY

The Company was incorporated on August 18, 1993 under the name and style "All Cargo Movers (India) Private Limited". The name was subsequently changed to All cargo Global Logistics Private Limited. On becoming a public company, the name was further changed to All cargo Global Logistics Limited. The rationale behind the change of name from All cargo Movers to All cargo Global was to exhibit the global operations of the Company in its name especially after acquisition of Ecu Line business in the year 2005 and 2006.

Since the Company has established its global presence and is in the process of reviewing its brand and has further strengthened the same by offering wide spectrum of integrated logistic activities and solutions and further with a view to reflect the integrated logistic activities in its name, the name of the Company has been changed from All cargo Global Logistics Limited to All cargo Logistics Limited w.e.f. July 29, 2011.

DE-MERGER OF PROJECT LOGISTICS BUSINESS BY MHTC LOGISTICS PRIVATE LIMITED

The Company acquired 100% equity stake of MHTC Logistics Private Limited ('MHTC') during the period. MHTC is engaged in the business of Project Logistics and Freight Forwarding. Considering the business synergy existing in the Project Logistics business of the Company and MHTC, the Board of Directors of both the companies thought it prudent in the best interest of both the companies to de- merge the Project Logistics business of MHTC in favor of the Company with effect from April 1, 2012 in accordance with provisions of Section 391 to 394 read with Section 78, 100 to 103 of the Companies Act, 1956.

The proposed de-merger of the Project Logistics Business by MHTC in favor of the Company would have following resultant benefits:

- It would result in managing the Project Logistics Business through a single network and under one roof. It will thus be possible to combine the Project Logistics business of MHTC and All cargo under one umbrella without incurring avoidable expenditure on infrastructure and will enable All cargo to avail expertise in ventures of an industrial and commercial nature.

- All cargo will be in a better position to avail of the financial, human and other capital resources of MHTC and its expertise in the Project Logistics business. Such an arrangement will enable the Company to expand the Project Logistics business operations with minimum additional cost and shortest possible time;

- The financial position of the Company will be better as compared to that of the stand-alone entities; and

- The integration proposed would enable cost savings, optimum utilization of available resources which will enhance the management focus thereby not only leading to higher profitability but will also increase shareholder's value.

The Scheme of Arrangement comprising of de-merger duly approved by the Board of Directors of both the companies shall be subject to approval by the Members and Creditors of both the companies and approval by the Hon'ble Bombay High Court.

AWARDS AND RECOGNITION

The period was very special for the Company as it has received many awards and recognitions for the significant contribution made by the Company in development and growth of the logistic industry.

* Most Well Diversified Business Enterprise' by City Commercial Bank and Economic Times

* Freight Forwarder of the Year (Indian)" by the Maritime and Logistics Awards (MALA) 2011

* Mr. Shashi Kiran Shetty, the Chairman and Managing Director of the Company, was awarded "Outstanding Logistics Professional of the Year" by Maritime and Logistics Awards (MALA) 2011

* Mr. Shashi Kiran Shetty, the Chairman and Managing Director of the Company, was honoured with "CEO of the Year with HR Orientation" Asia's Best Employer Brand Awards

* Mr. Shashi Kiran Shetty, the Chairman and Managing Director of the Company, was honoured with a port of Antwerp award for 'Outstanding Contribution in the commercial and human areas" for strengthening the relationship between the Port of Antwerp and India.

* LCL Consolidator of the Year" by 3^rd South East CEO Conclave and Awards

* Indian Freight Forwarder of the Year" - 1^st Northern India Multimodal Logistics Award

* All cargo has been ranked at No. 223 in the ET 500-2011 list by "The Economic Times".

The Company believes that winning of such recognitions was due to the hard work, passion and spirit of team work of the employees and thoughtful leaders, whose novel thinking and innovative approach have led them to attain excellence in their field. These awards are a testimony to the commitment to the stakeholders of the Company and seamless integrated logistics solutions.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Until at least the middle of the next decade, global growth is likely to slow to approximately 3 percent per year on an average-a rate somewhat below the average of the last two decades. A recovery in advanced economies could be more than offset by a gradual slowdown in emerging ones as they mature, with the net result that global growth will slow. But the biggest risk ahead for the global economy is not this slower overall growth in output but a slowdown in average output per capita, which will determine how fast living standards can be supported and raised.

Global growth is expected to grow at 3.5 percent in 2012, then accelerate somewhat to 3.6 percent from 2013-2016, and then show a further slowdown to 2.7 percent from 2017-2025. At 3 percent, on average, global growth would still be somewhat higher than the period 1980-1995 but between half and a full percentage point below the growth rate from 1995-2008.

Advanced economy growth is expected to slow down from an already meagre 1.6 percent in 2011 to 1.3 percent in 2012. For 2013-2016, the outlook suggests some recovery in advanced economies, bringing these countries back to the pre-recession growth trend of a little more than 2 percent.

In 2012, emerging economies are expected to slow in growth by 0.7 percentage points on average, going from 6.3 percent growth in 2011 to 5.6 percent in 2012, partly as a result of slower export growth and partly because several of them have been growing above trend. From 2017-2025 emerging and developing countries are projected to grow at 3.3 percent.

The outlook for India's GDP growth has changed significantly during the course of 2011-2012. The tone at the beginning of the year was that India had not only emerged relatively unscathed from the global financial crisis of 2008, but had also returned to its trend growth of 8 per cent plus.

However as the year progressed, pressure points emerged on the domestic front, due to stubborn inflation and policy logjam and on the global front, the Euro zone debt crisis. Consequently the market sentiments and economic growth took a beating and as per CSO's estimate, GDP growth in 2011-2012 is now expected to be 6.9 per cent and the fiscal deficit revised estimate stands at 5.9 per cent of GDP.

Inclusive growth is critical for India to sustain its current growth momentum and overall economic development in the long run. The government to a large extent, is cognizant of the fact and started to take steps to address this. One of the steps that the government has taken is the continued focus on infrastructure development in the country. Healthy infrastructure spending holds the key to facilitating economic growth in India. Hence given the importance of infrastructure for growth, the 12^th Plan period has pegged the investment in infrastructure at US$ 1 trillion.

ABOUT ALLCARGO

Subject, part of the Avashya Group, is a leading multinational company providing integrated logistics solutions. The Company offers specialized logistics services across Multimodal Transport Operations, Container Freight Station Operations and Project and Engineering Solutions. Benchmarked quality standards, standardized processes and operational excellence across all the services and facilities, have enabled subject to emerge as a leading player in all these segments.

The Company currently operates out of 142 own offices in 62 countries and gets supported by an even larger network of franchisee offices across the world. Subject is today one of India's largest publicly owned logistics companies, listed on BSE Limited and National Stock Exchange of India Limited and a constituent of the BSE Midcap Index.

BUSINESS PERFORMANCE

Allcargo operates primarily in three segments, viz., Multimodal Transport Operations (MTO), Container Freight Stations Operations (CFS) / Inland Container Depot (ICD) and Project and Engineering Solutions (P&E).

MULTIMODAL TRANSPORT OPERATIONS (MTO)

- MTO segment involves NVOCC (Non Vessel Owning Common Carrier) operations related to LCL (Less than container load) consolidation and FCL (Full container load) forwarding activities in India and across the world through its wholly owned subsidiary ECU Line

- All cargo is amongst the leading players in the global LCL consolidation market with a strong network across 62 countries and 142 own offices covering over 4000 port pairs across the world

- The business clocked total volumes of 8763006 CBMs for 15 months ended March 31, 2012 as against 6180209 CBMs for the calendar year ended December 31, 2010, an annualized increase of 13%, despite slowdown in global trade

- The total revenue for 15 months ended March 31, 2012 was Rs.31072.900 millions as against Rs.22110.300 millions for the calendar year ended December 31, 2010, an annualized increase of 12%

- EBIDTA was Rs.2414.700 millions for 15 months ended March 31, 2012 as against Rs.1083.000 millions for the calendar year ended December 31, 2010, an annualized increase of 78%

- The business achieved an EBIT (Earnings Before Interest and Tax) of Rs.2079.100 millions for 15 months ended March 31, 2012 as against Rs.960.900 millions for the calendar year ended December 31, 2010, an annualized increase of 73%

- New developments and achievements:

- Globally, ECU Line expanded its operations to create scale, with opening new offices in Asia; signing on new franchisees across Europe and Africa

- ECU Line has expanded its scope of services by adding more profitable and niche trade lanes internationally

- Was awarded the title of "LCL Consolidator of the Year 2011" at South East CEO Conclave

- Shantha Martin, CEO - ISC and Middle East was awarded "Leading women CEO of the Year 2011 - First Runner up"

- Shantha Martin, CEO - ISC and Middle East was awarded "Bhartiya Vikas Ratan" for 2011.

CONTAINER FREIGHT STATIONS (CFS)/ INLAND CONTAINER DEPOT (ICD) OPERATIONS

- The CFS segment operations of Allcargo are involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services to both, importers and exporters

- The CFS facilities are located near JNPT, Mundra, and Chennai ports. All cargo is amongst the top two CFS operators at JNPT and Chennai (except captive CFSs) and among the top five at Mundra

- The total capacity of the CFSs at the end of March 31, 2012 is 341,000 TEUs per annum

- The ICDs are located at Dadri and Pithampur (Indore) and have a total capacity of 88,000 TEUs per annum. ICD setup at Dadri started operations in the month of November, 2011

- This business segment clocked total volumes of 303266 TEUs for 15 months ended March 31, 2012 as against 226,797 TEUs for the calendar year ended December 31, 2010, an annualized increase of 7%

- The total revenue for 15 months ended March 31, 2012 was Rs.3384.500 millions as against Rs.2005.500 millions for the calendar year ended December 31, 2010, an annualized increase of 35%

- EBIDTA was Rs.1758.700 millions for 15 months ended March 31, 2012 as against Rs.1043.800 millions for the calendar year ended December 31, 2010, an annualized increase of 35%

- The business achieved an EBIT of Rs.1632.900 millions for 15 months ended March 31, 2012 as against Rs.965.500 millions for the calendar year ended December 31, 2010, an annualized increase of 35%

- New developments and achievements:

- All cargo is in the process of adding capacity of 100,000 TEUs at bigger site near JNPT, close to the existing facility. This new CFS should be operational by the end of Q2 FY13

- Received "CFS Operator of the Year" award at the Samudra Manthan Awards 2011 in the category of "Ports, Infrastructure, CFS and ICD"

- Gttained ISO-9001-2008 and OHSAS 18001 - 2007 certification for all 3 CFSs (JNPT, Chennai and Mundra) - A first in India.

PROJECT AND ENGINEERING SOLUTIONS (P&E)

- Project and Engineering Solutions division provides integrated end-to-end project engineering and logistic services through a diverse fleet of owned / rented special equipment like cranes, hydraulic axles, barges to carry ODC (Over Dimensional Cargo) / OWC (Over Weight Cargo) as well as project engineering solutions across various sectors

- At the end of March 31, 2012, the business had a fleet size of 933 equipments, an increase of 35%

- The total revenue for 15 months ended March 31, 2012 was Rs.4870.300 millions as against Rs.2966.700 millions for the calendar year ended December 31, 2010, an annualized increase of 31%

- EBIDTA was Rs.1627.900 millions for 15 months ended March 31, 2012 as against Rs.880.800 millions for the calendar year ended December 31, 2010, an annualized increase of 48%

- The EBIDTA margin increased by 374 bps to 33%

- The business achieved an EBIT of Rs.839.500 millions for 15 months ended March 31, 2012 as against Rs.573.800 millions for the calendar year ended December 31, 2010, an annualized increase of 17%

- New developments and achievements:

- The P&E division added 12 new projects during 15M FY12, despite slowdown in capex cycle in most sectors

- Of these, 8 are already in the process of execution

- The contracts awarded are in the sectors of infrastructure, power, cement and oil and gas sectors, most of these from existing customers.

OUTLOOK

India's GDP growth is expected to grow at over 6 per cent in financial year 2012-2013. Medium term prospects remain positive due to robust expansion in private services, acceleration in EXIM and strong investment pipeline with emphasis on infrastructure. This would translate to an increase in traffic at major Indian ports and more projects being developed and executed across the country.

However in the short term, outlook may turn cautious and growth may disappoint if oil prices remain high, interest rates and inflation remain sticky. The higher cost of financing might lower capital expenditure and delay expansion plans of companies.

CONTINGENCIES AND COMMITMENTS

Particulars	31.03.2012 (Rs. in millions)	31.12.2010 (Rs. in millions)
a. Estimated Amount of contracts remaining to be executed on capital accounts (Net of Advances) and not provided for	105.587	148.275
b. Disputed Liabilities in Appeal
- Income Tax	672.860	672.860
- Customs	18.300	--
- Service Tax	114.202	113.985
c. Claims against the Company, not acknowledged as debts	55.241	82.184
d. Corporate Guarantees given by the Company on behalf of its subsidiaries	2322.744	1832.637
e. Bank Guarantees	812.888	451.838
f. Continuity Bond executed in favour of the President of India through the Commissioner of Customs in respect of its Container Freight Station operations	4577.030	3927.000

Note 1: The Income Tax Department issued assessment orders against the Company, whereby, the claim of deduction by the Company under Section 80 - IA (4) was disallowed from the assessment years 2004-05 to 2009-10. The Company has filed an appeal against the assessment orders. Accordingly, the Income Tax liability of the Company pending in Appeal and not provided for is Rs.672.860 millions (Previous Year Rs.672.860 millions). The Company is advised that it has a strong case for claiming deduction under Section 80 IA (4) of the Income Tax Act, 1961. Company’s appeal was heard by the Tribunal and order is pending. Recently, the Delhi High Court has ruled in one of the similar case that Inland Container Depots (ICD) and Container Freight Stations (CFS) are eligible for deduction under Section 80 IA as these are ‘Inland Ports’. Based on this decision, the Company is confident of favourable decision. In view of the foregoing, the Company has continue to provide Current Tax under the provisions of Minimum Alternate Tax.

fixed assets:

Tangible Assets

v Freehold Land

v leasehold Land

v Building

v Plant and Machinery

v Heavy Equipments

v Vehicles - Others

v Office Equipments – Computers

v Furniture and Fixtures

v Leasehold Improvements

Intangible Assets

v Software packages

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.77
UK Pound	1	Rs.85.14
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.